Industry
Broker network consolidator Hub International Ltd. (TSX: HBG) boosted total revenue by 30% year-on-year to a record US$286.4 million for the 2003 financial year (2002: $220.0 million). Net earnings for the year came in at $38.5 million, equal to $1.14 a share, up from the $31.9 million, or $1.06 per share, reported for the year […]
March 31, 2004
1 min read
A consultation paper outlining a new system to replace Ontario’s designated assessment centers (DACs) has been released by the Financial Services Commission of Ontario (FSCO). The “expert assessor network” (EAN) is being proposed as an alternative to what FSCO calls the “adversarial, costly, time consuming, and complex” DAC system. FSCO notes the DAC system has […]
E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., nearly doubled its operating income for 2003 to $42.9 million ($11.17 a share) from the $23.3 million ($6.08 per share) reported for 2002. However, overall net income for the company, including portfolio investment, life insurance and general insurance operations, […]
Last year, U.S. reinsurers saw net profit grow by almost 500% to US$3.08 billion compared with the US$628 million posted the year prior. The financial result of the U.S. reinsurance industry is calculated based on company data collected by the Reinsurance Association of America (RAA), which represents 29 domestic companies. Substantially improved underwriting results were […]
2 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) jumped into the black for the 2003 financial year by posting a net profit of $2 million, equal to 17 a share. This compares with a net loss of $7.4 million, or 68 a share made for 2002. Optimum’s gross written premiums dropped moderately for 2003 to $144.5 million […]
With the release of a committee report on the potential for public auto insurance in New Brunswick, cost of establishing the system has been pegged at $82 million. The report, presented by NDP MLA Elizabeth Weir, the committee’s chair, is the result of seven months of hearings to come up with a possible public auto […]
3 min read
For those involved in the field of disability management consulting (DMC), it is not uncommon to encounter skeptical and cynical comments from the payers of these services. Disability management consultants are sometimes perceived as "gullible" and/or "advocates for the client", who fail to contribute substantially to the closure of the file. But forming a cost-effective and successful partnership with a DM provider can be achieved if business goals and client outcomes are kept front of mind.
6 min read
You have to give the Insurance Bureau of Canada (IBC) one thing – they sure know how to keep things interesting. The latest rumpus ignited by the property and casualty insurance industry’s main lobbying body has been commonly dubbed by brokers and companies alike as “the earnings debacle”. The incident in question concerns the release […]
4 min read
After three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and New York, where rising auto theft and fraud continue to put pressure on costs. Overall, […]
By Canadian Underwriter | March 31, 2004
Insurance brokers are pleased with two federal budget announcements which they say will promote continuing education and help small businesses. The Insurance Brokers Association of Canada (IBAC), reacting to the budget handed down by Prime Minister Paul Martin and announced by Finance Minister Ralph Goodale on March 23, says it had lobbied for the “education […]
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